ChrysCap may take a big bite out of Belgian Waffle Co: report

Private equity (PE) firm ChrysCapital is close to acquiring The Belgian Waffle Co. in a deal that values the domestic desserts chain at ₹1,300 crore (about $155 million), Mint reported, citing unidentified people familiar with the development.

ChrysCapital has submitted a binding agreement to buy out promoters and PE investor Marathon Edge Partners, the report said.

Set up in 2015 by Shrey Aggarwal and Alisha, the Belgian Waffle Co. is owned and operated by Bloombay Enterprises Pvt. Ltd. The food franchise runs more than 450 stores across 160 Indian cities, according to the company’s website.

Former Bain Capital executive Nikhil Raghavan’s investment firm, Marathon Edge Partners, acquired a nearly 22% stake in the company for $8-10 million in 2021, a VCCircle report said.

In FY23, the company had clocked a revenue of ₹150 crore, up from ₹46 crore the previous year, the report said, citing data from business intelligence platform Tofler.

Total profit during the year had more than tripled to ₹21.19 crore from ₹6.72 crore in the previous year, the report said, adding that the company has not disclosed its earning for FY24 yet.

India’s eating-out and food-ordering market is set to double by the end of the decade to ₹9 trillion, from ₹5.5 trillion, driven by an expanding customer base, rising consumption occasions, and addition of new restaurants in the country, a recent report by food aggregator Swiggy and consulting firm Bain and Co. said.